LRC Properties, in a joint venture with Highbrook Capital Management, has purchased Colonial Plaza, a three-story, 211,810-square-foot office building on Rexford Road in Charlotte's SouthPark area, for $25.3 million.

The Class-B building is approximately 70% leased to tenants that include Ally Financial, Garretson Firm Resolution Group, Agility Recovery and American Security Mortgage. LRC says it plans to upgrade the building and add amenities such as a conference room, lounge and health club.

LRC will handle the management of the building and says it will maintain the current Cassidy Turley leasing team during a transition period.

“Colonial Plaza is a solid, well-known building, and we’re pleased to be able to purchase it and manage it,” said Howard Lavitt, principal with LRC. “Under our management and with the improvements we plan to make, we expect Colonial Plaza to be the primary building in this highly coveted business district.”

Louis Stephens of JLL represented the seller, an affiliate of DRA Advisors.